TOUGH ECONOMY IMPACTS MALAYSIAN COMPANIES

Has it been a rough period for Malaysian companies? According to JobStreet.com’s Q2 2016 Job Outlook survey, a substantial number of companies are going through a rough period.

A notable 46% of the respondents said that their businesses have been taking a hit in the past few months. When asked what the contributing factors were, 32% of the respondents said it’s because of the Weak Ringgit, 16% believe it’s due to Inflation and 11% attributed it to the Slump in Oil Prices.

Fifty-four percent of the respondents also cited that these factors have prompted them to reassess their company expenditures, some are even considering downsizing. “We had to reassess our company’s expenses to determine if we should shut down our non-profitable outlets and rearrange our business structure” said one of the respondents.

As for the hiring intention of employers, the survey findings show almost the same results to the previous quarter as 50% of employers expect to increase their hiring, 39% expect no change and 11% expect a decrease.

“While some businesses may have been negatively impacted, certain sectors such as Construction, Retail & Merchandise and Computer & Information Technology are still seeing growth. We have over 27,000 jobs available on our website, having said that, jobseekers should remain positive and make sure that their JobStreet.com profiles are updated so that they don’t miss out on opportunities,” said Chook Yuh Yng, Country Manager of JobStreet.com.

Note: A total of 475 HR professionals across various industries in Malaysia participated in this survey.